Field of the Disclosure
Aspects of the disclosure relate in general to financial services. Aspects include an apparatus, system, method and computer-readable storage medium to return change from a cash purchase to a payment card.
Description of the Related Art
For centuries, financial transactions have used currency, such as banknotes and coins (“cash”). Because cash transaction amounts vary, few customers are able to provide the exact transaction amount in currency. Usually, a customer gives a merchant an amount of currency in excess of the purchase amount; and the merchant returns the excess amount paid as change.
There are many problems with using cash. The tracking and counting of cash is a time-consuming process. By its very nature, currency is bulky, and exposes its users to potential theft. The secure storage of cash is problematic, and both merchants and financial institutions often require armed guard when large amounts of cash are transferred.
In modern times, however, payment cards are rapidly replacing cash to facilitate payments. A payment card is a card that can be used by a cardholder and accepted by a vendor or merchant to make a payment for a purchase or in payment of some other obligation. An example of a payment card includes a stored-value card (such as a transit card or gift card), credit card, debit card, automatic teller machine (ATM) card, or charge card. The payment card is generally used to pay an exact amount. In the case where the payment card is a debit card, some merchants will allow cardholders to obtain cash back.
Payment cards are affiliated with payment networks, which are operational networks that enable monetary exchange between parties.